Earning cryptocurrency as a bounty hunter!
In the Old West, a bounty hunter was a person who captures fugitives and criminals for a monetary reward (bounty). Today, bounty hunters perform tasks in exchange for a bounty. The bounty is typically paid in a crypto currency upon successful completion of the bounty task. Bounty hunters typically submit work and then receive payment if the work is approved.
Bounty campaigns
In the ICO space, a bounty program is an offer made by many startups which enables individuals to receive compensation for performing marketing tasks, reporting bugs or improving a product or service. Blockchain startups that plan to hold a crowdsale often allocate a certain percentage of their total tokens to such a campaign.
Bounties are mainly found on forums like Bitcointalk and bounty networks. There are rarely any barriers of entry at all and the only thing a bounty hunter needs to do in order to participate is submit a link to his work. This submission will then be checked by the admin of the campaign who will decide if the submission deserves a reward or not.
Many ICO startups choose to hold a bounty campaign because it enables them to get tens of thousands of dollars worth of marketing impact or improvement suggestions for just a small token allocation. Additionally, bounty programs have proven to be an excellent tool to build a community around a project or service.
Popular bounty tasks.
Bounty tasks range from simple social media promotions, to highly technical bug bounties. Here’s a list with some of the most popular bounties sorted by average payout in decreasing order.
- Bug bounties
- YouTube bounties
- Article and content creation bounties
- Translation bounties
- Improvement bounties
- Airdrops
- Bitcointalk signature bounties
- Facebook bounties
- Twitter bounties
Some tips and tricks.
For the past couple months I’ve been quite active as a bounty hunter in the crypto space. I really enjoy it and I think it is an attractive option for startups to interact with and build a community around their product.
In that time, I learned one big lesson: Most bounty programs are complete garbage.
Before joining a bounty program, bounty hunters should analyze and familiarize themselves with the project that is holding the bounty campaign.
There’s no point in receiving millions of tokens as bounty rewards if they are not worth anything or if the team is unlikely to distribute rewards to bounty hunters.
How to become a bounty hunter
Typically bounty campaigns consist of a variety of bounty types. These bounties range from simple retweets and Facebook likes all the way to article writing, bug bounties, and platform feature ideas. Anyone can complete these tasks and receive a portion of the bounty awards provided the submission meets minimum quality requirements. Generally, bounty campaigns contain detailed instructions explaining to the bounty hunter how to submit completed bounties and receive rewards for doing so.
It is very important that a bounty hunter carefully selects what bounty campaigns he dedicates his time and effort to. Many tokens distributed in bounty programs may have no value at all. Some red flags a bounty hunter should be looking for:
No whitepaper
- Start-up uses Google/Instagram ads to promote ICO
- Less than $50k allocated to the bounty program
- Check the team. Do you trust that they’ll pay your reward?
- Token mechanics. Do they really need a token?
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